Term & Conditions


Global Property Investors Terms & Conditions

1. Global Property Investors (GPI)

GPI) provides all information and supporting photographs of properties through the Investor Website and emails in good faith. GPI does not warrant the accuracy, adequacy or completeness of any description of the properties nor does it warrant the adequacy or fitness of any property for any particular purpose the Investor might have in mind for it.

GPI will not accept any responsibility or liability for misinformation supplied and the Investor must ensure that the content of such information is correct and must carry out their due diligence.

In no circumstances is GPI to be taken as acting on behalf of the vendor of any property.

2. Reservation Fee & GPI Deal Fees:

2.1.
GPI) provides all information and supporting photographs of properties through the Investor Website and emails in good faith. GPI does not warrant the accuracy, adequacy or completeness of any description of the properties nor does it warrant the adequacy or fitness of any property for any particular purpose the Investor might have in mind for it.

GPI will not accept any responsibility or liability for misinformation supplied and the Investor must ensure that the content of such information is correct and must carry out their due diligence.

In no circumstances is GPI to be taken as acting on behalf of the vendor of any property.

2.2.
By paying the Reservation Fee, the Investor is agreeing to our Terms and Conditions

2.3.
GPI reserve the right to return a Reservation Fee (minus £250 admin fee) to the Investor for any reason and at any stage of the purchasing process to cancel a sale. GPI will not be liable for any losses or costs incurred by the Investor in such a case.

2.4.
The whole Reservation Fee will not be refundable in any circumstances when GPI deem the Investor to be at fault for a purchase being aborted or, subject to the provisions of clause 4.5, should the investor refuse or be unable to complete his or her purchase for any reason after the RICS valuation has been carried out and the purchase price has been agreed with the Investor, the Vendor and GPI.

2.5.
The GPI Fee will not be refundable in any circumstances when GPI deem the Investor to be at fault for a purchase being aborted or, subject to the provisions of clause 4.5, should the investor refuse or be unable to complete his or her purchase for any reason after the RICS valuation has been carried out and the purchase price has been agreed with the Investor, the Vendor and GPI.

2.6.
The GPI Fee will not be refundable in any circumstances when the Investor cannot complete their purchase, or their purchase is delayed, because the Investor is unable to obtain a mortgage, is refused a mortgage or has a mortgage withdrawn because they are unable to satisfy these terms and conditions of their mortgage provider..  Should an investor be relying on obtaining mortgage finance the Investor must satisfy all their lenders terms and conditions.  This includes Investor’s being able to prove their income and deposit, and that the source of their deposit is acceptable to their lender.

2.7.
The whole Reservation Fee will not be refundable in any circumstances should the Investor take an unreasonable length of time to complete their purchase thereby putting the purchase at risk. GPI at its sole discretion may cancel an Investors purchase in these circumstances and GPI will not be liable for any losses or costs incurred by the Investor in such a case.

2.8.
If the sale is aborted through no fault of the Investor, GPI may refund the Reservation Fee (minus a £250 admin fee, less any fees incurred such as solicitor fees, valuation fees and broker fees) or transfer the investor to another Packaged Deal with the agreement of the investor.  GPI will not be liable for any losses or costs incurred by the Investor in such a case.  GPI will not be liable for, and will not refund, any legal fees,valuations fees and other fees that may have been paid by Investors, or by GPI on behalf of the Investors from their Reservation Fees.

Below some of the examples when a refund of Reservation Fee (less and any fees paid by GPI on behalf of the Investor) may be considered:

2.8.1.
The vendor’s redemption fees are greater than the price being paid by the Investor and the Investor is unable and/or unwilling to buy at the price required to redeem the secured debt on the property and/or the vendor is unable to repay the additional amount monies required to redeem their secured debt on the property.

2.8.2.
There is an irresolvable problem associated with the property ownership and/or Title.

2.8.3.
The vendor goes missing and/or refuses to sell their property for any reason that cannot be quickly and easily resolved.

2.9.
The Reservation Fee will form part of Investors Finder’s Fee which may be payable in full on completion.

2.10.
In the event that pursuant to these terms and conditions GPI refunds the Reservation Fee to the Investor it will do so within 28 days of the Investor delivering a written request for such refund and before so doing it will be entitled to deduct from the sum to be refunded all costs charges and fees (howsoever arising) it has paid out of the Reservation Fee on behalf of the Investor and pay the balance to the Investor.


3. Properties from 3rd Parties

3.1.
GPI is not liable for refunding any Reservation Fees, costs or losses which may be incurred by the Investor during the purchasing of any properties from 3rd Parties introduced by GPI. This includes any losses resulting from monies paid by the Investor, and by GPI on behalf of the Investor from their Reservation Fees, to 3rd Parties and/or 3rd Party solicitors and/or 3rd Party brokers.

3.2.
GPI strongly recommends that Investors do not pay any fees to 3rd Parties and/or 3rd Party solicitors and/or 3rd Party brokers under any circumstances and they do so entirely at their own risk.


4. Due Diligence and Refunding of Reservation Fees and RICS Valuation Fees:

4.1.
Investors paying to reserve a property are assumed to have carried out their own due diligence and are in full agreement with the purchase price and estimated open market valuation of the property (other than as in points 4.2 and 4.5).

4.2.
From the time of payment of the Reservation Fee, whether in cleared funds or not, the Investor has 48 hours as a “cooling-off period” in which to view the property and to request a full refund if he or she decides not to proceed with the purchase of the property at the agreed price. Refunding of Reservation Fees will revert to standard GPI Terms and Conditions after the 48 hour ‘cooling off period’ expires.

4.3.
The RICS valuation must be carried out or the surveyor or valuer instructed within 7 days of payment of the Reservation Fee (excluding the date of payment). The costs of the RICS valuation will not be refundable under any circumstances.

4.4.
Investors have the opportunity to visit the property at any time once Reservation Fee has been paid but should the Investor choose not to view the property within the ’48 hour cooling off period’ and to request a refund within that time pursuant to clause 4.2, he or she will be deemed to be satisfied with the valuation, purchase price and condition of the property and Investors will be unable to subsequently renegotiate the purchase price unless the RICS valuation is returned lower than requested in the mortgage application.

4.5.
If a RICS surveyor values the property such that a mortgage lender is unwilling to lend the Investor funds sufficient for the Investor to make a purchase the Investor will offer to pay the Vendor from other sources a sum up to a maximum of the equivalent to 2.5 per cent of the surveyor’s valuation or up to £5,000 (whichever is the greater) in order to secure the purchase. If the Investor is unable or unwilling to make that offer GPI will be under no obligation whatsoever to refund the Reservation Fee. If a sum being more than the equivalent of 2.5 per cent of the surveyor’s valuation or more than the sum of £5,000 (whichever is the greater) is required to secure the purchase and the Investor is unable or unwilling to offer to pay the Vendor that sum GPI will refund the Reservation Fee subject to a deduction of all costs charges and fees (howsoever arising) it has paid out of the Reservation Fee on behalf of the Investor.

4.6.
Once a RICS valuation comes back satisfactorily (that is, to the satisfaction of the mortgage lender) and/or if a new price has been renegotiated following a lower than expected RICS valuation (as in point 4.5) and the Investor agrees to proceed, the Reservation Fee will be non-refundable (other than as .in point 2.7).


5. Mortgage Brokers and Fees:

5.1.
Investors will use one of GPI’s panel mortgage brokers unless agreed otherwise in writing with GPI.

5.2.
Broker fees will be specified at the time of payment of the Reservation Fee.

5.3.
Investor must be in a position to provide the following information to lender:

5.3.1.
Proof of deposit and/or acceptable source of deposit.

5.3.2.
Proof of income.

5.3.3.
In some cases, provide tax accounts (e.g. if self employed).

5.3.4.
Other criteria/demands, not listed above, as introduced or requested by lender.

5.4.
The Investor will pay the costs of the RICS valuation and fees of the broker directly or in its absolute discretion GPI may pay those costs and fees on behalf of the Investor out of the Reservation Fee.

5.5.
If Investor is unable to obtain a mortgage, or has a mortgage withdrawn they will be liable for all broker and valuation fees.

5.6.
GPI is not liable for refunding broker fees or valuation fees in any circumstances.

5.7.
The Investor accepts sole responsibility for obtaining funds sufficient to complete a purchase. Under no circumstances will GPI be liable to the Investor in the event that any lender refuses to provide funds to the Investor or withdraws any offer to provide funds.

5.8.
The Valuation fee will be deducted from the balance outstanding and is payable once the mortgage application has been submitted.

5.9.
Any GPI ‘deal price’ fees outstanding must be paid 7 days prior to completion.


6. Solicitors & Legal Fees:

6.1.
Investors will use one of GPI’s panel solicitors and will pay Search fees up to £250 as and when required. This figure will be deducted from the balance outstanding which is payable 7 days before completion.

6.2.
GPI will have authority to speak to Investor’s solicitor for updates at any time during the process.

6.3.
Investors commit to paying all their legal fees + VAT + disbursements and also the legal fees of the vendor.

6.4.
Investors are required to return all legal documentation, proof of identification and any other such information requested by their solicitors as quickly as possible so not to delay their purchase and/or to put their purchase at risk.

6.5.
If in the opinion of GPI a purchase is aborted through the fault of the Investor, for example, the Investor delays returning documentation to their solicitor, is unable to obtain a mortgage or the Investor wishes to cancel the purchase, the Investor will be responsible for their abortive legal costs and also the
vendor’s legal fees and any legal fees incurred by GPI.

6.6.
If in the opinion of GPI a purchase is aborted through no fault of the Investor, the Investor will be responsible for paying his or her own abortive legal fees but will not responsible for paying the legal fees of the Vendor.

6.7.
If in the opinion of GPI a purchase is aborted through the fault of the Vendor, GPI will endeavour to recover the Investor’s abortive legal fees from the Vendor or the Vendor’s agent but GPI accepts no responsibility or liability whatsoever for any failure to recover those fees.

6.8.
The Investor will pay his or her legal fees directly or in its absolute discretion GPI may pay those fees on behalf of the Investor out of the Reservation Fee. If the purchase is aborted for any reason whatsoever GPI accepts no responsibility or liability for payment of legal fees, whether of the Vendor or the Investor, or for repayment of such fees to either of them.

6.9.
Investor may be required to pay any stamp duty in addition to all fees and deposits.


7. Lettings Agents and Fees:

7.1.
GPI may recommend a third party as a letting agent but accepts no liability whatsoever for any loss or damage caused to the Investor by the acts of such agent in the letting and management of property.

7.2.
It is the sole responsibility of the Investor to ensure that all contracts (e.g. AST’s) and safety certificates have been obtained and that all rents and deposits are being collected by their letting agent.

7.3.
In particular GPI is not responsible for ensuring letting agents obtain contracts and safety certificates or that they collect rents and deposits and GPI will not be liable for any losses or costs incurred by the Investor in such a case.


8. Building & Refurbishment Services and Fees:

8.1.
GPI may recommend a third party as a supplier of building and/or refurbishment services but accepts no liability whatsoever for the quality of work or standard of service achieved by such supplier and accepts no liability whatsoever for any loss or damage caused to the Investor by the acts of such supplier in providing such services.

8.2.
It is the sole responsibility of the Investor to ensure that any work carried out by 3rd Parties builders recommended by GPI is to their satisfaction in terms of both quality and costs. Furthermore, it is the responsibility of the Investor to ensure that all work carried out by 3rd Party builders meets all requirements specified in RICS valuations and any other building surveys and that may be needed for mortgage offer and mortgage retention purposes.


9. A Cost Illustration may be provided for guidance purposes only.


10. GPI reserve the right to amend these Terms and Conditions at any time and without notice.